BTBP(SH:600161) China Post Securities·2025-08-24 12:03Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [5][13]. Core Insights - The company reported a revenue of 3.11 billion yuan for the first half of 2025, reflecting a year-on-year growth of 9.47%. However, the net profit attributable to shareholders decreased by 12.88% to 633 million yuan due to lower product sales prices and changes in credit policies [3][5]. - The company has maintained its leading position in the blood products industry, with plasma collection increasing by 0.7% year-on-year to 1361 tons in the first half of 2025 [3][4]. - The company has decided to forgo the opportunity to acquire Pilin Biological, allowing its controlling shareholder, China National Pharmaceutical Group, to proceed with the acquisition. This strategic decision is expected to enhance the company's competitive position in the blood products sector [4]. Financial Projections - The company is projected to achieve revenues of 6.863 billion yuan, 7.881 billion yuan, and 8.916 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding net profits are expected to be 1.667 billion yuan, 1.978 billion yuan, and 2.296 billion yuan [5][8]. - The projected price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are 24.43, 20.59, and 17.74, respectively, indicating a favorable valuation trend [5][8].